👀 Background

This assignment was done as part of our 10kDesigners masterclass as a group. As part of our research, we were to evaluate an online community and understand how people spend time on these communities, their behavior, and their usage patterns, gather findings that could be distilled into insights, and prepare a report in a duration of 9 days.

Niche - NFT community Community -Bored Ape Yacht Club Project Duration- 9 days

🔮 Niche

We were free to select the topic for this assignment, so we chose the NFT community as we are witnessing the growth of NFT Communities in the virtual world and the Bored Ape Yacht Club as the community to research.

☄Deep dive

What are NFT's?

• NFT's are tokens that represent ownership of unique goods. We can tokenize things such as art, collectibles, and even real estate. They have only one official owner at a time and are protected by the Ethereum blockchain, which ensures that no one can change the record of ownership or create a new one.
• NFT stands for non-fungible token. Objects such as your computer, your furniture, or a song file can be considered non-fungible. Because of their unique properties, these items cannot be exchanged for other items.
• In contrast, fungible items are exchangeable because the value of the item defines it rather than its unique properties.

https://youtu.be/Xdkkux6OxfM

What are NFTs used for?

NFTs are often questioned as to whether they have use cases. It has already been suggested several potential uses for this concept, although it's in its infancy. A few of the use-cases and visions for NFTs on Ethereum.

Collectables, Tickets, Domain names, Digital content, Fashion, Gaming items, Investments, and collateral